Asset Managers

The Asset Managers segment comprises Group-wide asset management activities. The German
real estate asset management service provider Corpus Sireo, acquired in 2014, is incorporated for
the first time for a full year in the 2015 financial year.

In 2015, Swiss Life Asset Managers achieved a segment result of CHF 242 million, which equates
to an increase of CHF 53 million or 28% compared to the previous year. Assets under management
by Swiss Life Asset Managers increased overall by CHF 2.3 billion to CHF 185.3 billion.
Proprietary assets fell to CHF 146.5 billion and assets invested in investment funds and thirdparty
customer mandates increased to CHF 38.8 billion. The expansion of higher-margin business
and the first-time incorporation of Corpus Sireo for a full year led to an increase in income
of 28.8%. Due in particular to the full deduction for Corpus Sireo, as well as to the continuing
growth of third-party business, operating costs rose by 29%.

The expansion of third-party business led to a net inflow in assets under management of
CHF 7.2 billion. This was due principally to the growth of institutional mandates in fixed income
and real estate.

The support of Swiss Life Asset Managers enabled Corpus Sireo to significantly strengthen its
operations in the German real estate market. Swiss Life Asset Managers aims to exploit its synergies
further in 2016 to pursue its growth strategy in its third-party client business and strengthen
its position in core markets.

Key figures for Asset Managers

Amounts in CHF million

2015

2014

+/–

Fee and commission income

560

450

24%

Financial result

4

0

n.a.

Other income

28

8

n.a.

TOTAL INCOME

591

459

29%

Interest expense

-1

-0

n.a.

Operating expense

-348

-270

29%

SEGMENT RESULT

242

1891

28%

Assets under management

185 286

182 992

1%

Number of employees (full-time equivalents)

1 344

1 261

7%

1
adjusted for the Group’s internal trademark fees, both levied
and received (Swiss Life brand)

1 adjusted for the Group’s internal trademark fees, both levied and received (Swiss Life brand)